Housing And Economic Opportunities Inc
- Assets
- $3.9m
- Revenue
- $449.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Wilmington, NC
- Founding
- 02/2000
- Data as of
- 03/2021
- EIN
- 56-2111502
Organization Overview
Housing And Economic Opportunities Inc is located in Wilmington, NC. The organization was established in 2000. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Housing And Economic Opportunities Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 03/2021, Housing And Economic Opportunities Inc generated $449.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (6.3%) each year. All expenses for the organization totaled $505.5k during the year ending 03/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDES AFFORDABLE HOUSING AND ELIMINATES VACANT, UNINHABITABLE HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2017, HEO AND ITS PARTNERS COMPLETED THE REHABILITATION OF A DISTRESSED PUBLIC HOUSING PROPERTY USING LIHTC AND PROVIDED 77 LOW INCOME FAMILIES WITH SAFE AND AFFORDABLE HOUSING. HEO ALSO MANAGED AN 8 UNIT SUPPORTIVE HOUSING PROPERTY THAT ALLOWS PERSONS WITH DISABILITIES TO LIVE INDEPENDENTLY. HEO COMPLETED CONSTRUCTION IN 2018 ON ANOTHER 8 UNIT SUPPORTIVE HOUSING DEVELOPMENT FOR DISABLED INDIVIDUALS. THIS PROJECT WAS FUNDED THROUGH THE NORTH CAROLINA HOUSING FINANCE AGENCY'S SUPPORTIVE HOUSING DEVELOPMENT PROGRAM AND CDBG FUNDING FROM THE CITY OF WILMINGTON. RESIDENTS WHO WOULD OTHERWISE BE LIVING IN ASSISTED LIVING OR WITH FAMILY ARE OFFERED THE OPPORTUNITY TO LIVE INDEPENDENTLY BECAUSE OF THE PARTNERSHIP BETWEEN HEO AND ELDERHAUS TO PROVIDE SUPPORTIVE SERVICES FOR ALL RESIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ar Sharp Chair | OfficerTrustee | 2 | $0 |
Katrina H Redmon President | Officer | 1.5 | $0 |
M Kim Fitzwater Vp/cfo | Officer | 1.5 | $0 |
Theresa Everett Director | Trustee | 1.5 | $0 |
Lee Backston Vice Chair | Trustee | 1.5 | $0 |
Keith Gearity Director Until Feb 2021 | Trustee | 1.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $236,844 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $236,844 |
| Total Program Service Revenue | $212,233 |
| Investment income | $151 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $449,396 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $31,150 |
| Pension plan accruals and contributions | $3,077 |
| Other employee benefits | $13,432 |
| Payroll taxes | $0 |
| Fees for services: Management | $54,648 |
| Fees for services: Legal | $15,200 |
| Fees for services: Accounting | $3,134 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $124 |
| Office expenses | $13,723 |
| Information technology | $2,223 |
| Royalties | $0 |
| Occupancy | $65,506 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $68,489 |
| Insurance | $550 |
| All other expenses | $5,003 |
| Total functional expenses | $505,488 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $308,843 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $880 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,525,732 |
| Inventories for sale or use | $1,342 |
| Prepaid expenses and deferred charges | $6,579 |
| Net Land, buildings, and equipment | $2,000,849 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,184 |
| Total assets | $3,861,409 |
| Accounts payable and accrued expenses | $4,557 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $1,817,336 |
| Other liabilities | $129,579 |
| Total liabilities | $1,951,472 |
| Net assets without donor restrictions | $1,850,407 |
| Net assets with donor restrictions | $59,530 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,861,409 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Presbyterian College Clinton, SC | $178,788,042 | $82,344,801 |
Community Housing Partners Corporation Christiansburg, VA | $210,530,324 | $87,907,515 |
Skill Creations Inc Goldsboro, NC | $13,834,048 | $44,435,808 |
Habitat For Humanity International Inc Raleigh, NC | $48,704,094 | $32,190,331 |
Montage Living Charlotte, NC | $133,680,991 | $23,940,845 |
Ahc Inc Arlington, VA | $252,147,992 | $33,394,070 |
Habitat For Humanity International Inc Charlotte, NC | $71,967,554 | $27,686,341 |
Habitat For Humanity In Atlanta Inc Atlanta, GA | $81,551,003 | $20,263,546 |
Big Canoe Property Owners Association Inc And Subsidiary Big Canoe, GA | $48,180,026 | $19,159,834 |
Shelter House Inc Reston, VA | $6,743,159 | $14,877,410 |
Alexandria Housing Development Corporation Alexandria, VA | $129,711,642 | $8,689,601 |
Habitat For Humanity Of Greater Nashville Nashville, TN | $71,491,096 | $16,513,254 |